New York Markets After Hours

McCormick tumbles on profit miss, outlook

SAN FRANCISCO (MarketWatch) -- McCormick & Co. Inc.
MKC, +0.52%
shares fell as much as 9% Thursday after the spice company reported fiscal fourth-quarter results that fell below Wall Street expectations. The move knocks the share price out of a nearly unbroken upward trend channel that since August 2011 had seen McCormick's stock rise 45% in value. Before the opening bell, McCormick reported a 13% rise in fourth-quarter profit to $1.11 a share from 98 cents a share a year ago. Analysts surveyed by FactSet had been looking for $1.14. Higher costs for raw materials and packaging were blamed for the shortfall. For fiscal 2013, McCormick said it expects to earn $3.15 to $3.23 a share, which also fell below the $3.35 estimate based on FactSet's survey of analysts. McCormick shares were last down 7.7% at $61.46, the second-biggest decliner in the S&P 500.

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